Newfront Insurance raises at a $2.2 billion valuation
Newfront, a San Francisco-based insurance brokerage startup, raised $200 million at a $2.2 billion valuation.
- Goldman Sachs Asset Management's Growth Equity business and B Capital led the round with participation from Founders Fund and Meritech Capital.
Why it matters: Carriers have been at the center of the insurtech sector's recent public market implosion. But Newfront operates as a brokerage that connects multiple carriers to consumers.
Flashback: Just a few weeks ago, another insurtech distributor, Policygenius, raised $125 million at a higher valuation.
Details: Newfront was last valued at $1.35 billion in July after acquiring a more traditional competitor, ABD.
- The company was profitable last year on a net income basis, says CEO Spike Lipkin. So far this year, the company is profitable on an EBITDA basis